Jadwa Investment announced that Jadwa REIT Saudi Fund invested SAR 450 million in a closed-ended Shariah-compliant private real estate investment fund, according to a bourse statement.
The company added that Jadwa REIT Al Haramain Fund also invested SAR 50 million in a similar fund, but did not confirm if this is the same fund, in which Jadwa REIT Saudi invests.
The private fund is managed by Jadwa Investment, the statement added.
It targets offering investors stable income, in addition to capital appreciation in the medium to long term through acquiring income-generating real estate assets in the Kingdom.
The members representing the fund manager - Jadwa Investment - in the boards of directors of both funds abstained from voting on the fund manager’s recommendation to invest in the real estate private fund.
The investment is expected to have a positive financial impact on both funds’ results in the first quarter of 2021.
Since the private fund is still in the offering period, further details about the investment will be announced after the close of offering.
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